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What is in house nursing?

Prents in Nursing home - NOT on Medicaid. How can I get their house with as little tax liability as possible?

  • Pennsylvania: Both my parents are in a nursing home. They are NOT on State asisstance. They are fairly well off... They have a "Market Value $240,000 home that has no mortgage. The home is now vacant and My parents want ME to move in and have it. I obviously will pay all Property taxes ect on it...... My question is, what is the best way to get the house in MY name without paying a huge amount of tax? Can I buy it lower than its worth and make CASH payments to my parents' estate? How can I do it legally, so that if the time does come where MEdicaid MAY be an option for them, they cant take the house! Please help.

  • Answer:

    you get a form from your county called a quit claim deed, follow the instructions on it closely and file with the county

Steve at Yahoo! Answers Visit the source

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Quick claim deed. Google it.

Even if they give it to you, if they needed Medicaid for the nursing home costs within a few years, there would still be a problem since it would be considered that they just gave you the house to avoid having to use its value for their support in the nursing home.

They can give it to you. It is not enough to generate a gift tax liability. That's the easy answer. They should consult an attorney who handles estate planning and makes house calls to set things up right.

I would not trust any information your receive on Yahoo Answers about this. I would consult an attorney that specializes in Asset Protection for Medicaid. My brother in law is a CPA and he gave us a pretty stern lecture about the "60 month look back rule" regarding my parents and all of their assets.

Judy is too polite to emphasize that is exactly what you are trying to do. (Transfer assets to appear impoverished so the rest of us taxpayers will pay their nursing home bills)

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